NMDC is trading higher by 3% at Rs 159 after the government's offer Wednesday to sell a 10% stake in iron-ore miner has received strong response.
The NMDC issue oversubscribed 1.73 times has received 686.9 million bids as against 396.5 million on the block through the Offer for Sale (OFS) according to the stock exchange data.
“The issue witnessed active participation by foreign and domestic institutional investors helped the government to raise Rs 5,900 crore. The government was selling its stake in NMDC at a floor price of Rs 147 against the stock price of Rs 159 on Tuesday. The issue received bids for 686.9 million shares at an indicative price of Rs 149.23 per share,” the Business Standard report suggests.
The stock opened at Rs 155 and has seen a combined 10.64 million shares changing hands on the counter in opening deals.
